Number Of Leaves In MNC's

Can some one confirm if there are any Governing laws(India) on the number of encashment that can be done on the Casual Leaves, medical Leaves and the Privilaged leaves.
I also want to check if there is any guideline's provided by an establishment for designing the leaves as we have a stringent policy of no en cashment, I wanted to check if it is o.k to continue that way or we need to tweak in a lil bit top meet the expectations.
Thanks,
CareerTrek

Types of leave, its eligibility and encashment differ from company to company but subject to provisions in these regards in the Factories Act, Plantations Labour Act, Mine Act or the State's Shops and Commercial Establishments Act. Under these Act, though the number of leaves would vary, encashment is considered to be a right of an employee and as such you can not have a different policy unless otherwise provided for in your certified Standing Orders or a settlement arrived at with the employees. Being an MNC the scope of a settlement is very rare and, therefore, it is advisable to follow the rules provided in the respective Act under which the company is registered.
Regards,
Madhu.T.K